Last month I shared with you
the 2016 local area sales numbers showing the changes in the Lake of the
Ozark’s real estate market compared to 2015 and 2014 sales. The Missouri and national real estate markets
each are experiencing strong increases in 2016.
Sales data from the Missouri and
National Associations of Realtors indicates continuing recovery and increasing
consumer confidence.
The number of Missouri homes sold year to
date in 2016 rose 9.7% since 2015. The 2nd
quarter of 2016 saw an increase of 60% in the number of homes sold compared to
2016 1st quarter sales. The average time
on the market fell by 14.8% while the average sales price increased 14.1% in
Missouri’s 2016 2nd quarter.
The 2016 average home sales price in Missouri is $189,060.
Locally, the number of sales are still
holding fairly steady however the number of new listings coming on the market
have decreased by 2.5% in 2016 while the number of sales have increased
slightly by 1.5%. The 2016 average sales
price is increasing across all property types with the exception of Lots and
Land which has decreased by 21.9%.
Average sales price of Residential Homes has increased 5.5%, Condo
average sales price has increased ½ percent, Commercial property average sales
price has increased 36.5% and the average Farm sales price has increased 48.4%
compared to 2015.
While some property types did see large
swings in the average selling prices, those categories represent a small
portion of lake area sales. Farms
represent just over ½ of a percent of all sales, Commercial accounts for 2.7%
of sales and Lots and Land are 11.6% of sales.
Residential sales are the largest category at 60% followed by condos at
24%.
Lack of inventory is still the biggest
hindrance in the market at this time. Nationally,
there was an increase in new home sales of 10.1% year to date. As more new homes are built and sold, the
tight inventory will begin to ease but I feel we are still a couple of years
out before we see a real difference in the lake area.
Lake
area sales data has been obtained from the Lake of the Ozarks MLS and the
Missouri Association of Realtors based on all property type sales over the time
frame from January 1, 2014 to July 20, 2016 and all other times represented in
the data.
Michael has been selling real estate at the
Lake of the Ozarks since 1981. He is one
of the most respected brokers in the area.
If you would like to work with Michael in the sale or purchase of
property, contact him at 573.365.SOLD or cme@yourlake.com View thousands of lake area listings at www.YourLake.com $1
million plus homes at www.LakeMansions.com You can also view each months’ article, ask
questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com
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